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Chapter 7

Chapter 7 Textbook Notes


Department
Management (MGT)
Course Code
MGTA01H3
Professor
Ingrid L.Stefanovic
Chapter
7

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MGTA03 / 01
Chapter 7: Managers and Managing
- Management LVWKHSURFHVVRISODQQLQJRUJDQL]LQJOHDGLQJDQGFRQWUROOLQJDEXVLQHVV¶V
financial, physical, human, and information resources in order to achieve its goals
- The CEO of Walt Disney Productions is a manager because he regularly carries out these
four functions while actors such as Julia Roberts and Tom Cruise are not
- 7KHSODQQLQJRUJDQL]LQJOHDGLQJDQGFRQWUROOLQJDVSHFWVRIDPDQDJHVMREDUH
interrelated
Planning
- Determining what the organization needs to do and how best to get it done requires planning
- Planning KDVWKUHHPDLQFRPSRQHQWVGHWHUPLQLQJWKHILUP¶VJRDOVGHYHORSD
comprehensive strategy for achieving these goals, and designing a tactical and operational
plan for implementing the strategy)
- The planning process has 5 basic steps
o Step 1 ± goals are established for the organization (e.g. a commercial airline may set
a goal to fill every seat on every flight)
o Step 2 ± PDQDJHUVLGHQWLI\ZKHWKHUDJDSH[LVWVEHWZHHQWKHFRPSDQ\¶VGHVLUHDQG
actual position (e.g. a year-end report will determine whether a company met is
profitability objectives)
o Step 3 ± managers develop plans to achieve the desired objectives. Objectives
indicate what results are desired while plans indicate how these objectives will be
achieved
o Step 4 ± the plans that have been decided upon are implemented. The point in the
planning process where thinking is converted into action
o Step 5 ± the effectiveness of the plan is assessed. Comparing actual results with
planned performance
Organizing
- 7KHSRUWLRQRIDPDQDJHU¶VMREWKDWLVFRQFHUQHGZLWKPRELOL]LQJWKHQHFHVVDU\UHVRXUFHVWR
complete a particular task is known as organizing
- The importance of the organizing function of management can be seen by considering what
happened to Hewlett-Packard.
- Hewlett-Packard had some setbacks due to following the structure that had served so well in
the past. $QQ/LYHUPRUHWKHKHDGRIWKHILUP¶VVRIWZDUHDQGVHUYLFHV business suggested
that it HP needed an integrated, organization-ZLGHLQWHUQHWVWUDWHJ\EXWXQIRUWXQDWHO\+3¶V
highly decentralized organization made that impossible. So Ann Livermore led the charge to
create one organization to drive a single internet plan
Leading
- The activities involving interactions between managers and their subordinates to meet the
ILUP¶VREMHFWLYHVDUHNQRZQDVleading (or directing)
- Leading goes beyond merely giving orders, leaders attempt to guide and motivate
employees to work in the best interests of the organization
Controlling
- Controlling LVWKHSRUWLRQRIDPDQDJHVMREWKDWLVFRQFHUQHGZLWKPRQLWRULQJDILUP¶V
performance and to make sure that the firm is meeting its goals
- The control process: establish standards, measure performance, does measured performance
match standards?
The Management Process (pg. 99 ± 101)
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